Discounted Cash Flow (DCF) Analysis Unlevered

Aptevo Therapeutics Inc. (APVO)

$ 17.9
-0.3 (-1.64%)

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 45.6333.6036.4314.6623.0732.424.313.833.413.032.692.40
Revenue (%)
EBITDA -49.47-58.19-52.57-50.82-49.28-40.36-26.09-9.39-8.35-7.43-6.60-5.87
EBITDA (%)
EBIT -51.49-61.10-55.93-53.95-51.67-42.60-27.49-9.91-8.81-7.83-6.96-6.19
EBIT (%)
Depreciation 2.022.913.363.132.392.231.410.510.460.400.360.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3.594.6454.5280.7830.6412.4539.989.978.877.887.016.23
Total Cash (%)
Account Receivables 15.137.834.282.145.227.020.910.810.720.640.570.51
Account Receivables (%)
Inventories 17.6320.326.641.031.786.141.080.960.860.760.680.60
Inventories (%)
Accounts Payable 11.4710.0810.054.046.368.941.191.060.940.840.740.66
Accounts Payable (%)
Capital Expenditure -0.99-1.53-2.51-1.40-0.98-0.15-0.09-0.16-0.15-0.13-0.12-0.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.9
Beta 7.145
Diluted Shares Outstanding 3.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 59.332
Total Debt 5
Total Equity 57.87
Total Capital 62.87
Debt Weighting 7.95
Equity Weighting 92.05
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 45.6333.6036.4314.6623.0732.424.313.833.413.032.692.40
EBITDA -49.47-58.19-52.57-50.82-49.28-40.36-26.09-9.39-8.35-7.43-6.60-5.87
EBIT -51.49-61.10-55.93-53.95-51.67-42.60-27.49-9.91-8.81-7.83-6.96-6.19
Tax Rate 1.16%3.29%12.01%112.48%0.00%9.51%0.00%19.78%19.78%19.78%19.78%19.78%
EBIAT -50.90-59.09-49.226.73-51.67-38.55-27.49-7.95-7.07-6.28-5.59-4.97
Depreciation 2.022.913.363.132.392.231.410.510.460.400.360.32
Accounts Receivable -7.303.552.14-3.08-1.806.110.100.090.080.070.06
Inventories --2.7013.685.61-0.76-4.355.050.120.110.100.080.08
Accounts Payable --1.39-0.04-62.322.58-7.75-0.13-0.12-0.10-0.09-0.08
Capital Expenditure -0.99-1.53-2.51-1.40-0.98-0.15-0.09-0.16-0.15-0.13-0.12-0.10
UFCF -49.86-54.49-31.1710.20-51.77-40.04-22.77-7.51-6.68-5.94-5.28-4.69
WACC
PV UFCF -4.84-2.78-1.59-0.91-0.52
SUM PV UFCF -10.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 55.01
Free cash flow (t + 1) -4.88
Terminal Value -9.57
Present Value of Terminal Value -1.07

Intrinsic Value

Enterprise Value -11.72
Net Debt -34.98
Equity Value 23.25
Shares Outstanding 3.23
Equity Value Per Share 7.19